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Author Topic: Why did the government want to kill Bitcoin?  (Read 1890 times)
Handsome Boy
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July 21, 2018, 12:48:35 AM
 #1

as we know, many governments in the world are banning bitcoins and here I have my own why the government want to kill Bitcoin, because I think Bitcoin can be used for terrorist financing, money laundering, illegal weapons purchases, crime and tax evasion. therefore the government forbids Bitcoin, because Bitcoin transactions are difficult to trace so it is only natural for me if the government is very worried about Bitcoin and many country banning (block) Bitcoin.
but this is just my opinion, so if I am wrong I apologize.

Thank You.

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July 21, 2018, 01:09:15 AM
 #2

personally, the government want to kill Bitcoin because they want to control Bitcoin like other currency  but Bitcoin is called digital currency, so they can not control it
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July 21, 2018, 01:20:22 AM
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You just said the reasons why the governments wants to ban bitcoin. On their part, they won't understand what bitcoin really is and how it can help them but time will come that they will realize like those countries that adopted bitcoin on how its going to contribute their economy.

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July 21, 2018, 01:24:38 AM
 #4

That's what everyone thinks is very clear and the fact that the government is justified because it is very risky for the security of the country and all illegal transactions, but I believe it is not an obstacle for crypto to grow well in the future, as Now Bitcoin thrives in although there are still some countries that ban it , and there are some governments changing their minds to adopt cryptocurrency again, the government still needs time to develop possible technologies to control crypto misuse.
cryptocurrency will be great for the future, I believe that and everyone believes it, let's wait for Bitcoin to make a big change for the future.

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July 21, 2018, 01:32:31 AM
 #5

The major reason any government will want to ban/regulate Bitcoin is Control.
Criminals and terrorist have long been in existence before the development of Bitcoin and bitcoin transactions are not even anonymous as widely believed, so for me it is a lie that bitcoin aid criminals.
There will always be criminals with or without Bitcoin.
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July 21, 2018, 02:14:23 AM
 #6

this is my only thoughts or opinion about why government wsnts to ban bitcoin. Bitcoin is known as digital currency because of that government cannot be trace or track the transaction inside the system and can't control the money flow inside. Some of the transactions here are illegal like purchasing weapon, drug trafficking, extortion, fraud, scam, hackers, and money laundering. It will be a big threat to our country and citizens security. But I hope one day government will seee the brigther side of bitcoin and see how they can contribute in our global economy.

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July 21, 2018, 08:10:40 AM
 #7

If all of the world power governments decided to ban Bitcoin, that would effectively kill it.
No, it wouldn't disable it, but making it "dirty" money would mean that all transactions become black market, and that's not sustainable.
There's also Net Neutrality to worry about. ISPs could easily collude to cripple blockchain networks.
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July 21, 2018, 08:20:24 AM
 #8

I agree with many who here said that the government forbids it because they can not control, but I would single out two more reasons. The first is the difficulty of obtaining taxes with operations with crypto currency. Second, many governments include many bankers, or people close to bankers, and it is not very profitable for them to get a product that directly deprives them of their work.

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July 21, 2018, 08:23:32 AM
 #9

I’m not sure all those groups do want to kill bitcoin. I think the biggest threat to Bitcoin is that people just lose interest.
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July 21, 2018, 08:29:29 AM
 #10

Yes, that's what the government is worried about, so they've chosen to ban bitcoin, but most of the countries that ban bitcoin are corrupt countries, so they're worried about massive capital outflows.

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July 21, 2018, 08:38:02 AM
 #11

National governments have banned bitcoins because they have not found a way to collect taxes! Bitcoin and altcoin are more risky in the growing phase!

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July 21, 2018, 08:45:47 AM
 #12

Main target of government in transaction of flat money is making taxes on it. But if considering bitcoin, there is no way to make taxes on it.
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July 21, 2018, 08:55:11 AM
 #13

That is also the reason the government banned bitcoin.  In my opinion governments have banned bitcoin.  Because they can not control manipulating bictoin.  Bitcoin will kill intermediary services like banks and it is difficult to levy taxes on bitcoin transactions as they are doing with fiat.

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July 21, 2018, 08:56:42 AM
 #14

Because bitcoin is decentralized technology, the government can not control bitcoin
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July 21, 2018, 09:05:57 AM
 #15

I think governments do not want to kill Bitcoin. They just keep away from doing wrong and watching Bitcoin's progress.

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July 21, 2018, 09:25:30 AM
 #16

The government banned bitcoins because of its dangers for those who wanted to invest, which would motivate people like the stock market about price fluctuations, ups and downs. This will cause many people to lose property.

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July 21, 2018, 09:26:36 AM
 #17

The government wants to control Bitcoin to make it safe for its nation. If they fail to do so, they will ban Bitcoin as a measure and a concern
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July 21, 2018, 09:27:44 AM
 #18

In my opinion, the government wants to kill Bitcoin because they want to control Bitcoin like other currency  but Bitcoin is out of control. So the government wants to kill bitcoin again & again for the some countries like Bangladesh. Smiley
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July 21, 2018, 09:31:17 AM
 #19

Those illegal activities also can be funded using FIAT currencies. Afterall, Decentralized currency is beyond their control, Unlike the central bank who governments able to control whatever they want. And I believe centralized entities do not like something that uncontrollable, In the end, they will only heavily be taxed and regulated BItcoin and any cryptocurrencies.

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July 21, 2018, 09:33:38 AM
 #20

you are not wrong, and that's right, crypto also has a huge risk, because its volatility is hard to predict, but on the other side, I think the government feels threatened by bitcoin, they are afraid of losing national currency. so they try to cover crypto.

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