REASONS OF ILLEGALIZING BITCOIN

[blodelf1]

I think there are other reasons that could be attributed to the factors you mention above such as money Laundry from the developing countries of the world to the developed countries.

[1715394200]

1715394200

[Tapyaks72]

I think there are other reasons that could be attributed to the factors you mention above such as money Laundry from the developing countries of the world to the developed countries.

The reason behind is bitcoin and blockchain technology is a new innovative platform in which the government legislators were not  yet ready on this or just take  it  aside because they thought or not  expect to the extent of its growth to put  into regulations it must  have  a thorough study before they can make into a law to govern the regulation of cryptocurrency.

[Tigorss]

Bitcoin is used in illegal activities. Indeed bitcoin is not made for illegal purposes, but the fact is that many illegal transactions now use bitcoin as a means of payment. In essence the activity of black market deepweb transactions all use bitcoin. This is because the nature of anonymous bitcoin transactions.

[1Referee]

Bitcoin is used in illegal activities. Indeed bitcoin is not made for illegal purposes, but the fact is that many illegal transactions now use bitcoin as a means of payment. In essence the activity of black market deepweb transactions all use bitcoin. This is because the nature of anonymous bitcoin transactions.

These are no longer 2011/2012/2013'ish times. Bitcoin has more than proven to not be anonymous, and thus a horrible tool for illegal transactions.

The 'problem' with Bitcoin is that transactions are recorded in the blockchain for ever once confirmed, and the blockchain as you probably also know is open for everyone to browse through, research, etc. Eventually you could be linked to certain transactions, because the 'proof' is present basically for ever, and you can't do anything about it. Unless you actually know how to properly remain under the radar, I would advice people to look for other alternatives (ie, privacy focused coins) when it comes to illegal transactions.

The more people believe in Bitcoin's anonymity, the more they will eventually land themselves into unnessary situations that could have been avoided.

[fuding12]

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

Thank you, really good reviews!
I agree with the three points you mentioned.

Well, sometimes, I strongly disagree with the government's reason for making illegal bitcoins. I am increasingly seeing the greed of the government by trying making news and information overload about the negative side of bitcoin.

[Eleven86]

There arw so many reasons for illegalizing bitcoin, and it purely depends upon the countries. Many countries are afraid that if they accept bitcoin it will be used for illegal purposes. So many false transactions are done using bitcoin payment. Some countries afraid that if they accept bitcoin it will dominate the local fiat. There is no valuve for local currency. People use only bitcoin instead of local currency. At the same time some countries would allow bitcoin in their country. This will bring some changes to other countries also.

[DeadCoin]

Its just a complete competition between local currencies and crypto currencies. Though the authorities know that the crypto currencies would enhance their economy, they don't wish to allow the into their countries fearing that their local currencies would loose its values. There is no strong reason for legalizing Bitcoin. Everyone requires currencies and why should a currency given a name as legal or illegal.

[richardsNY]

Though the authorities know that the crypto currencies would enhance their economy, they don't wish to allow the into their countries fearing that their local currencies would loose its values.

It's not crypto making sure fiat currencies are losing value, but the printing habits being a toxic element of this system. On top of that, governments don't really have to fear crypto currencies at this point in time. Bitcoin will only form a problem if we (as in the mass) actually start using it as currency, and that's something I can't see happen in the coming years. As long as people keep using Bitcoin as investment, governments won't have anything to worry about, which is a good thing. It will allow Bitcoin and everything related to crypto to keep growing and that's what we all want to happen.

[icecube45]

Overall I agree with you that taxes, banks, and scammers are the reasons that make bitcoin illegal. But in addition, free bitcoin is used so it is very vulnerable to criminal acts such as money laundering and terrorist acts. That's what makes the government ban bitcoin. In essence implementing the principles of prudence, safeguarding business competition, risk control and consumer protection is the reason of illegalizing bitcoin.

[Tigorss]

law enforcement agencies and regulators are still exploring this phenomenon. Actually there is still a question that hinders the existence of this Bitcoin. so the legality of bitcoin is still questionable.

[dongosquad]

Overall I agree with you that taxes, banks, and scammers are the reasons that make bitcoin illegal. But in addition, free bitcoin is used so it is very vulnerable to criminal acts such as money laundering and terrorist acts. That's what makes the government ban bitcoin. In essence implementing the principles of prudence, safeguarding business competition, risk control and consumer protection is the reason of illegalizing bitcoin.

There is another reason that bitcoin does not have an official administrator, so it is likely to be a tool to support crime. I do not know, but I think that's good in anticipation of the government.

[fritzbird]

I agree with you there, a lot are sticking to the fact of illegalizing bitcoins in some nations
due to the fact that they can't or refuse to make it legal unless there is something in it
for them. Business or influence, it's all about profit and position. Gambling is legal and simple
currencies like bitcoins are having a hard time making it to the legal side. Innovation having
a hard time by people and made to look illegal always seems fishy and conspicuous to me. 

[ahmad21]

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

This is true, the reason why government and other countries are threatened by cryptocurrency is because of scammers, they are putting investors at risk, and over millions of dollars are lost by people because of scam. Another thing is that, people's income on cryptocurrency investment and trading are not yet covered by tax law in some countries. That is why some countries are starting to either ban or regulate cryptocurrency investment.

You can invest your savings in a Bank that goes bankrupt. This, too, can be regarded as fraud. What does the government say about this? Maybe they'll ban Fiat or maybe they'll ban banks? No. It won't happen. Governments are looking for a reason to ban cryptocurrencies because they can not fully control this asset.

Taking control of money laundering activities is another reason why many countries want to discourage bitcoin as they are unable to control money supply in this economy. But here the problem is even with a ban there is no way you can catch people doing transactions in a bitcoin private key. They will still be untraceable and unaffected such bans. So money laundering and evasion of taxes will still carry on and there is really nothing any country can do about it because this doesn't really comes under jurisdiction. You have to ban internet if you want to ban such transactions which is impossible.

[maarx]

Money laundering does happen with fiats as well. Being a currency, obviously a door is open for both activities as legal and illegal. I would say, though we have number of reasons to deny crypto, we have number of reason to accept cryptos. Its just the competition between fiats and crypto currencies in the money market. Bitcoin and other crypto currencies are forbidden to make the fiats value grow high or keep its value up amongst investors and people. I would appreciate crypto being legalized in countries to grow their economy standard.

[YED]

Not every country declared bitcoin as illegal some countries did so. I think major reason for declaring bitcoin illegal is Taxes, Banks and Scammers. It will hard for government to get tax from bitcoin users. It hard for government to categorize bitcoin for their taxation whether it would be on a passive income or not because BTC is also a currency. That's why its better for them to ban it. Bitcoin will effect Banks people will exchange many without using them. Scammers doing fraud which is also a thread for people and it is hard for government to stop them.

[BitHodler]

Not every country declared bitcoin as illegal some countries did so. I think major reason for declaring bitcoin illegal is Taxes, Banks and Scammers.

Don't believe that. It's nothing more than an excuse to punish Bitcoin because of how much of a threat they consider it to be. Governments are very desperate, and we keep noticing that with how they try to slow its growth.

For the first time in decades governments have to worry about something that potentially can disrupt their system, and it feels really good. We can choose to no longer be their slave, and that wasn't possible before Bitcoin.

This change will eventually force governments to show more respect and appreciation for what we can offer. It's no longer what you as citizen can do for the government, but what can the government do for its citizens.

At the end of the day the government is there to serve the people, and not vice versa. It has become a total monster.

[Ivandvanko]

in my opinion everything is obvious here ... if you had your own business and you owned it alone, and all people would buy only your goods and use only your services, but suddenly something appears more profitable for people and they start to enjoy  no longer your services, you lose money.  but who will like it? ... Any state is a business and they do not want to share, and certainly they do not want people to be richer and not work for them.