REASONS OF ILLEGALIZING BITCOIN

[Greenkarki]

I am sick and tired seeing thread here on legal about the reasons why bitcoin is illegal on other countries. Its about a hundred same topics. So here are my assumptions hope this would help.

*TAXES
- I think its the main reason of all these. Government didnt know how to categorize bitcoin for their taxation whether it would be on a passive income or not because BTC is also a currency. Thats why its better for them to ban it.

*BANKS
- Crypto becomes a threat to them leading investors to invest on cryptocurrencies rather than them. The monetary system also will change if Bitcoin becomes more popular than fiat. Central banks, which is a part of the government would make some inforcements to stop this.

*SCAMMERS
- This is the good side of all this illegalizations, to protect people from increasing number of scammers on the internet. But if that so, its not a reason why they would stop people from achieving all opportunities bitcoin would give.

Correct me if im wrong, but these three are the main reasons why i think bitcoin is illegal on other countries

if you please to correct me about the classification of bitcoin, bitcoin on the point of view of most governments it is not a currency but rather a security or investment, so the principle of taxation must be under gain on holdings rather than the value of the bitcoin itself.

The main reason behind this is tax and local fiat. Once bitcoin will accept by the government it faces tax problem and another thing is mainly local fiat will be affected. Due this bitcoin can be illegal in many countries. And more thing the government and banks are not only face the negative side of bitcoin. But there are so many positive sides.

[OSEIBOATENG]

Ive now gotten to know the reason why. Thanks

[TTITA]

*TAXES
- I think its the main reason of all these. Government didnt know how to categorize bitcoin for their taxation whether it would be on a passive income or not because BTC is also a currency. Thats why its better for them to ban it.

Crypto currencies has a volatile price, because it is influenced by demand in the market, it confuses the accountants in finding the tax formula for this

*BANKS
- Crypto becomes a threat to them leading investors to invest on cryptocurrencies rather than them. The monetary system also will change if Bitcoin becomes more popular than fiat. Central banks, which is a part of the government would make some inforcements to stop this.

Anything about change will certainly have pro and opposite, I see this as a matter of course, anyways it will attract more business people to learn it, Bitcoin has become mainstream.

*SCAMMERS
- This is the good side of all this illegalizations, to protect people from increasing number of scammers on the internet. But if that so, its not a reason why they would stop people from achieving all opportunities bitcoin would give.

I think we need to support about this, Bitcoin's and crypto currencies are offering good change for financial freedom and investment, whereas in reality some people want to make profits by criminal way with scamming project. I think the regulation to secure our money from things like this is necessary.

[chennan]

I don't know if I'm so convinced by your three arguments here except for the second one.  Having a stable economy with a deflationary currency unit might pose a problem just in terms of how would you go about assigning wages to ordinary people in Bitcoin rather than fiat?  Central banks take into account a lot of things like population growth, inflation considerations, global economy considerations, etc. ... I'm not at all justifying the reason why the central banking system should be used, I'm just saying that there are other considerations when thinking about actually making Bitcoin the major payment everyone should accept.

This is an older article written in 2014, but it does a good job describing the problem at hand above.

https://www.economist.com/blogs/freeexchange/2014/04/money

[Grossmann Jr.]

Main reasons of illegalizing bitcoin - 1) People mistly don't know how it works and how it can change the world in a positive way 2) They are scared to accept something innovative and promising

[danielschwerzer]

There are no reasons except one - current society doesn't want to change itself. We have a pool  of reach people whi carry more than 70% of all world resources, they don't want to lose their power

[cherry yu]

all the reason taking up about illegalizing bitcoin can be true. in every country has different reason why they dont allow or legalize bitcoin in thier government. cryptocurrency is a good profit and good financial assistance.but, the country who dont allow crypto  are maybe they thing about the security of money may loss if they allow bitcoin in thier government

[Hannahanto]

all the reason taking up about illegalizing bitcoin can be true. in every country has different reason why they dont allow or legalize bitcoin in thier government. cryptocurrency is a good profit and good financial assistance.but, the country who dont allow crypto  are maybe they thing about the security of money may loss if they allow bitcoin in thier government

The reason for illegalizing bitcoin is already we know, when bitcoin is legalized by government it affects local fiat. And the government have to face a lot of tax problem that's the reason behind this.  Once bitcoin enters people forget to use local currency. And the value of local currecy will be no value. But some countries accept bitcoin and some not its depends upon the government of the countrie.

[MaydayMayday]

Most of the countries have their own explanation why they tagged bitcoin as illegal. There’s a lot of reason for sure but we must remain positive despite of the pressure that government and even banks gives to cryptomarket. Illegal in some places but for their people its a good opportunity that they should not missed.

my favourite one - that bitcoin is forbidden in Turkey for being "bad" because of religious stuff

[Tigorss]

One of the key factors enabling the Bitcoin industry in India to grow rapidly such as China, South Korea and Japan is the legalization of Bitcoin as its tender and its legal currency. The central banks of the Philippines and Japan have also recently legalized Bitcoin as a legal tender, to help their local industries grow and allow general consumers to use bitcoin.

[KrishaBitcoin]

I am sick and tired seeing thread here on legal about the reasons why bitcoin is illegal on other countries. Its about a hundred same topics. So here are my assumptions hope this would help.

*TAXES
- I think its the main reason of all these. Government didnt know how to categorize bitcoin for their taxation whether it would be on a passive income or not because BTC is also a currency. Thats why its better for them to ban it.

*BANKS
- Crypto becomes a threat to them leading investors to invest on cryptocurrencies rather than them. The monetary system also will change if Bitcoin becomes more popular than fiat. Central banks, which is a part of the government would make some inforcements to stop this.

*SCAMMERS
- This is the good side of all this illegalizations, to protect people from increasing number of scammers on the internet. But if that so, its not a reason why they would stop people from achieving all opportunities bitcoin would give.

Correct me if im wrong, but these three are the main reasons why i think bitcoin is illegal on other countries

Yes, these are the main reasons on why they will banning it but there are other nations that are not against these issues like Japan and Germany in which using Crypto Currencies specially Bitcoin is free of tax. Their Banks are fully supported the Cryptos currencies too and Scam cannot penetrate because it is fully regulated. So we just hope that other countries that makes Bitcoin is illegal could cope with these two countries on how they deal Crypto without worrying the risks.

[Taki]

I would add in that list financing of different terroristic organizations and simple hiding money from taxes by corrupted politics and generally reach people.

[Palmerson]

There are no reasons except one - current society doesn't want to change itself. We have a pool  of reach people whi carry more than 70% of all world resources, they don't want to lose their power

Even this reason alone is enough for bitcoin to be in danger. But it seems to me that now These rich people are actively preparing to subjugate bitcoin. They are not sorry for the money invested if it helps to kill bitcoin. But if not, they also want to concentrate most of the coins in their hands.

[makolz26]

There are no reasons except one - current society doesn't want to change itself. We have a pool  of reach people whi carry more than 70% of all world resources, they don't want to lose their power

Even this reason alone is enough for bitcoin to be in danger. But it seems to me that now These rich people are actively preparing to subjugate bitcoin. They are not sorry for the money invested if it helps to kill bitcoin. But if not, they also want to concentrate most of the coins in their hands.

Since we cannot control people to invest here and to do something with their coins, there are really something that is happening here in crypto and that is some people are using it in illegal way, and some people were trying to avoid tax which we should not if our law requires

[zhea]

There are no reasons except one - current society doesn't want to change itself. We have a pool  of reach people whi carry more than 70% of all world resources, they don't want to lose their power

Even this reason alone is enough for bitcoin to be in danger. But it seems to me that now These rich people are actively preparing to subjugate bitcoin. They are not sorry for the money invested if it helps to kill bitcoin. But if not, they also want to concentrate most of the coins in their hands.

Since we cannot control people to invest here and to do something with their coins, there are really something that is happening here in crypto and that is some people are using it in illegal way, and some people were trying to avoid tax which we should not if our law requires

All of these are depends on which country you are, there is some country ignored bitcoin just like people freely used bitcoin, just like what happens here in our country as of now we are enjoying using bitcoin without law implement or even to have tax.
Our government was quiet and no taking action in cryptocurrencies besides they have recognized bitcoin as one of currency that has transaction online. They warn people of the possible happens, Ponzi scheme, illegal activities and others that prohibited and against the law in our country.

[PinkFox]

As a cryptocurrency weight gains a significant amount, it would start to compete with the amount of regulated traditional money and this would reduce the effectiveness of government monetary policy. The rise in the value of bitcoins in this case would lead to deflation in the real market and the virtual currency causing devolving of real currencies.

[Kambal2000]

As a cryptocurrency weight gains a significant amount, it would start to compete with the amount of regulated traditional money and this would reduce the effectiveness of government monetary policy. The rise in the value of bitcoins in this case would lead to deflation in the real market and the virtual currency causing devolving of real currencies.

There are lot of scams out there and a lot of people are victimized by those different kind of scams, so some countries are avoiding it before it is too late, but some countries are studying it first before they will gonna open bitcoin in the public again.

[warrior333]

As a cryptocurrency weight gains a significant amount, it would start to compete with the amount of regulated traditional money and this would reduce the effectiveness of government monetary policy. The rise in the value of bitcoins in this case would lead to deflation in the real market and the virtual currency causing devolving of real currencies.

There are lot of scams out there and a lot of people are victimized by those different kind of scams, so some countries are avoiding it before it is too late, but some countries are studying it first before they will gonna open bitcoin in the public again.

It is always the responsibility of the individual not to become a victim of fraud. It is wrong to shift responsibility to the government. But I am sure that the state cannot assume such responsibility. All the talk that the government forbids the use of cryptocurrencies to protect its citizens is a lie. Governments do not have a pragmatic interest in pursuing their goals and in ensuring the safety of their citizens.

[Edraket31]

As a cryptocurrency weight gains a significant amount, it would start to compete with the amount of regulated traditional money and this would reduce the effectiveness of government monetary policy. The rise in the value of bitcoins in this case would lead to deflation in the real market and the virtual currency causing devolving of real currencies.

There are lot of scams out there and a lot of people are victimized by those different kind of scams, so some countries are avoiding it before it is too late, but some countries are studying it first before they will gonna open bitcoin in the public again.

It is always the responsibility of the individual not to become a victim of fraud. It is wrong to shift responsibility to the government. But I am sure that the state cannot assume such responsibility. All the talk that the government forbids the use of cryptocurrencies to protect its citizens is a lie. Governments do not have a pragmatic interest in pursuing their goals and in ensuring the safety of their citizens.

Yeah we all have the right to investigate to a certain company or even if it was referred by a friend and relatives we are still the one who will make decision, so it is barely our fault if we did not make our part and that is to investigate or to ask some people about it.

[chaoscoinz]

I am sick and tired seeing thread here on legal about the reasons why bitcoin is illegal on other countries. Its about a hundred same topics. So here are my assumptions hope this would help.

*TAXES
- I think its the main reason of all these. Government didnt know how to categorize bitcoin for their taxation whether it would be on a passive income or not because BTC is also a currency. Thats why its better for them to ban it.

*BANKS
- Crypto becomes a threat to them leading investors to invest on cryptocurrencies rather than them. The monetary system also will change if Bitcoin becomes more popular than fiat. Central banks, which is a part of the government would make some inforcements to stop this.

*SCAMMERS
- This is the good side of all this illegalizations, to protect people from increasing number of scammers on the internet. But if that so, its not a reason why they would stop people from achieving all opportunities bitcoin would give.

Correct me if im wrong, but these three are the main reasons why i think bitcoin is illegal on other countries

It could also be the fact that the project started off as an open sourced code and decentralized public ledger. The fact that it broke traditional boundaries within the way we as a society, and collective operate, may well be the reason many countries ban it.
Not everyone lives within a Capitalist country.
   Bitcoin itself is just a medium, but the platform is built upon what some members of parliament would likely consider as an anarchist movement. I don't think everyone see's Bitcoin as just simple innovation put in motion, but a threat to the way society works.
   Some will consider the bright side, and embrace it with open arms, others will detest and reject it, cutting it's citizens off from benefiting from it. Rome wasn't  built within a day. So to, crypto will take time to become adopted. It will take a collectively  agreed upon stance, to bring about a mass adoption.
Just my two cents!